Living in Denver* can allow winter to sneak up on us sometimes, and so a reminder to do some things around the house before the snow flies can be valuable. Here are some tips I have learned over the years:

Remove hoses from the faucets. Drain the hose and store.

Replace the batteries in the thermostat

I like to use a winterizer lawn food with weed & feed

Shut down the sprinkler system

Pansies & Mums are great plants for color this time of year.

Winterizing a VACANT home in Denver is another thing all together. Often when showing homes, or when we represent relocating sellers, the relocation company requires the property to be winterized, in case the heat goes off. We do not want the toilets to freeze & crack, or the p traps under the tub to do likewise. If you need craftsmen to assist in this go to Vendors that have performed well in the past

*Did you know only about 25% of the population in the Denver Metro area actually live in “Denver”. The rest of us live in the outlying towns or suburbs like Littleton, Highlands Ranch, Englewood, Centennial, Parker or Castle Rock. Oh there are more but the point is out of about 2.25 million in the Denver metro area only about 650,000 live in the city limits of Denver.

Denver is a very hot real estate market with an average of 28 days on the market, so how do you sell and then buy a home? There are a couple options and tools you might use…
1. Buy a new home contingent upon the sale of your home….but most sellers will not accept that deal; would you?
2. Require a long closing period so you can go find a home…however interest rate “locks” will expire sooner than we might like.
3. Ask for a fast closing and offer to lease the property back from the buyer…this allows a good interest rate, and the buyer benefits from the appreciation they may gain. You may not have to move twice. This is a win – win.
Before you decide list your Denver home or to go out to look for a home lets talk about the process. Coordinating two sales or a daisy chain is something we have done for years, so it is not new. Sitting down and talking costs you nothing.

In Denver 1652 properties came on the market in the last 7 days while 1705 had contracts accepted and went off the market. There is still more demand in the Denver Real Estate market than supply. In addition 187 were withdrawn from the market. More homes are selling in Denver than those going on the market. Therefore, new home builders will rush, from across the country to fill the void. Builders we have never seen or heard of before. They will need land and that land will need to be developed with curbs & gutters, street lights, sewers, and power, so that is good for the local economy. But watch the no name builders. They are not always as good as they appear. Another thing to watch are the sales reps will be moving and so will your main contact. It is good to have a Realtor involved.

Here is a chart showing Denver’s average sale price with a trend line imposed:

As you drive by Highlands Ranch High School at University & Cresthill Drive you cannot miss the drilling rig with the curtains around it. Here is the story: During the 1970s The East Cherry Creek Valley drilled a water well as part of the Willows Water District. That well has reached the end of its usable life. In order for ECCV to continue to access this important part of its water supply, they must bore a new well. This work is expected to begin on Monday, July 7. During certain phases, work will run 24 hours a day. While a sound reduction wall is in place, and nighttime safety lighting will be directed downward as much as possible, some noise and light disturbances may occur. An overview of ECCV’s water well reconstruction projects can be found at www.eccv.org/water-well-reconstruction. The District will also be providing regular updates via Facebook and Twitter. Finally, you can sign up for emails about the project’s progress by sending a message to info@eccv.org. Ask to be put on the list for Well WPA-1R. Thanks to Adam Smith, a Venneford Point & Friends Resident, for this information.

The Denver weekly real estate updates do not look any different…more homes going under contract than new listings being entered into the MLS. Prices were up on average in June by 8% versus the previous year in Denver and the median price was up by over 6%. These increases will eventually generate more inventory as folks decide it is time to make that move and take advantage of the gains made, especially in the last two years here in Denver.

One of the most interesting, but overlooked facts in Denver’s real estate market, is the addition of additional cities to the database…Boulder and Colorado Springs are now, at least partially integrated into the system. Therefore, the shortage of homes to sell is even more acute than it appears.

It is very important to remember, it is not inventory we are short of in the Denver real estate market…it is people willing to sell and make a move. The emotions of packing and moving can be very trying, yet we have younger families who want to make that move into a home they can make their own. So you will see increased efforts by builders to create those first and 2nd time home communities. Realtors are welcomed by builders in Denver as valuable assets to the home buying process. Take yours with you when you visit a new home community.

Denver real estate is no exception when you look at any market driven by supply and demand. You will see peaks and valleys of price. When demand is high prices go up…think of oil in 1973-75. While not absolutely analogous to todays’ Denver real estate market the oil embargo of those years dried up supply and we had lines at the gas stations waiting to get any gas we could. Today, home Buyers in parts of Denver are lined up waiting to buy the next home that comes on the market.

Have a look at the chart and you will note the “New Listing” plus the “Back On Market” listings (supply) equal the “under contract” listings. Then note the “SOLD” properties and they seem out of balance (of course these went under contract about 1 month ago). This 7 day snap shot represents the end of the month, therefore closings should be a bit higher.

While this may appear “balanced” this represents an average time on market in Denver of about 30 days which is a exceptionally fast Seller’s market. Appraisers are trying to stay up with trends and given recent legislation, they are hamstrung, even though it is an “appreciating market”. And the underwriters at the mortgage companies are trying to understand that inclusions do not always add value, but they still have to account for them. This means that when you price your home you need to stay withing the window of what the value should be according to the appraiser. Of course, if you do not mind having your house on the market for 6 months, that market “may” catch up to you.

Denver’s neighborhoods and suburbs are the final challenge; where do you want to live? Each one has its own dynamic of supply & demand such as Highlands Ranch and Lone Tree where there is very little inventory. Price ranges too can create a slower market than that published. Averages are just piles of numbers thrown together to make a point…Denver is a great place to buy a home or if it is time to move to Arkansas to retire, prices here are good.

Prediction: Prices will go up or prices will go down or prices will stay the same. I know I will be right at least 33% of the time.

Below is a testimonial I just received from a couple of first time buyers here in Denver. As a Realtor it is always nice to hear these words from a client who has just gone all the way through the process. Thank you Nicole & Tarik! It was a pleasure helping you find your first home in Denver.

We would recommend Pete to anyone because he was knowledgeable, caring and trustworthy. We knew he had our best interests at heart which was so important to us being that this was our first home-buying experience.

Every week I have been posting a chart similar to the one below. It has demonstrated the Denver real estate market being in a Seller’s orientation and I have said I do not think it will change quickly, or until the new listings exceed the under contract properties.

I noticed something last week, and this is very subjective in nature, but there seemed to be more “new listings” offered at the weekly South Metro Denver Realtor marketing session than buyers needs. Not exactly a scientific measurement, but an observation that makes me say hmmm? Additionally the attendance was down enough to make me think we are going into the summer “doldrums” early this year. Why would this happen?

Well best I could figure would be the buyers are saying “to heck with it, I do not need to buy that Denver home if it is going to be this hard!”; the Realtors are going on vacation because “there is nothing on the market”; and the Seller’s may have missed the big flurry…that is to be seen in the next week. I think a seller would be wise to buck this trend this year.

Summer “DOLDRUMS”? Yes it is interesting that between July 4 and August 15 (start of school) it seems there are a large percentage of buyers on vacation, mostly due to their demographics: young families, school age kids and upwardly mobile working parents who tend to buy homes due to their increasing income. I know we see this in the south part of metro Denver and it has been the case for all 29 years I have been in the business.

“Pete Doty contacted us by letter because we lived out of state. When we decided to sell, we contacted Pete for an interview. Pete came with a professionally prepared marketing plan. When we asked questions about getting the home ready to sell, he had a number of qualified contractors. Because we were from out of state, he personally oversaw the work being done on the home. The sale went quickly and smoothly. We would definitely recommend Pete and his staff.”

“The recent sale of our house marks the 5th time we've used the professional services of Pete Doty & Metro Brokers... & we're currently working with him on our next home purchase! We've referred family, friends & associates who have mentioned real estate (RE) needs, to Pete over the last 11 years & they've enjoyed working with him as well. His knowledge of Colorado RE is phenomenal & his attention to the details is greatly appreciated. Pete's not just our realtor -- he's part of the family!!”

“Pete helped us when we bought this townhouse three years ago. He was great to deal with then and with the recent sale of the townhouse. He is very knowledgeable about market conditions and has always done a great job for us.”

“The most important thing when selling your house is to find someone who knows what they're doing and has experience, lots of it. That's Pete.
All of the realtors out there are friendly and will make you feel comfortable, so go further and get someone with plenty of knowledge like Pete Doty.”

“I have known Pete for many years now. He has helped me purchase and sell several properties. His knowledge of the local market, market trends and his professionalism have always made it easy to employ his services again and again. I recommend Pete to friends and family. Pete not only helps you sell or buy a home, he also knows many people in the community that can help with work before and after your purchase.”

“My family and I were relocating back to the Colorado area. I reached out to Pete Doty because I was not familiar with the area we were looking at. He was extremely helpful from the beginning. We had a small weekend window to look at houses. Pete understood our situation and was able to go above and beyond by showing us a number of houses in one day. He worked with us over a holiday to secure a house and work through the contract process. Pete helped us through the cross country move and took a lot of stress off our shoulders. I would recommend him to family and friends because he really does go the extra mile for his clients.”

“Pete Doty's past number of years experience with people and his enthusiasm for the business came across well. He was easy to work with and I was very happy with the outcome of the salle of my condominium..
I enjoyed his quick wit and sense of humor, too, making a potential stressful event easier to handle.
Pete's success is in no doubt due to his honesty and well earned reputation in the industry! I respect his negotiating skills and I would definitely call on him again for any future realty business.”

“When we decided to move to the Denver area, we asked a realtor friend of ours if he had any recommendations on a realtor in the area. He gave us Pete's name and number. What a break for us. Over a 4 month period, Pete not only took the time (as much as we needed) to drive us around to look at houses, but made recommendations and suggestions that helped facilitate the process and made it very easy for us. I could go on with numerous specifics, but suffice to say, Pete's knowledge of the market, willingness to share insights regarding areas and houses and his professionalism (this also applies to the team he has working with him) all added up to a very successful experience.”

“Pete Doty is very personable, and made the sale experience easy for me.
When there was something needing to be fixed Pete got one of his experts to review the situation. The outcome was that in agreement with the buyer the problem was fixed for a third of the original cost
I value his integrity and availability.”

“This experience was great. With communication taking place in two states for this process. Pete kept everyone in the loop and is VERY knowledgeable about Denver properties. He would show us things in homes that to the regular person you wouldn't think of. We learned a lot thru this process, and it was because of Pete. Thank you!!”

Mike and I truly enjoyed working with you. Because we were already out of state this sale could have been a nightmare, but it wasnt. You offered great suggestions and were very helpful and we would definately utilize your services again. Many Thanks.

“Pete took control and did a fantastic job. He is a professional at his work. I am glad to have the opportunity of working with him. I would recommend Pete to anyone that is seriously wanting to buy or sell a home”

“Pete Doty's knowledge of our neighborhood and the local market truly streamlined our home search. Pete also showed he had our best interests at heart by pointing out features of each home we may have overlooked. Good or bad. This helped us feel more confident and comfortable with our final decision.”

“Buying a home is an extremely complicated and stressful process. For me it's imperative that when I have a question I can reach someone that's knowledgeable and can put my mind at ease. Pete Doty and Lori Richardson were always accessible, and on the rare occasions they weren't, I'd leave a message and my call was always promptly returned by them or someone in the office. Both are the epitome of fantastic customer service, which unfortunately, doesn't happen much anymore.”

“very knowledgeable and available. we felt very comfortable with Pete and his recommendations for other services ie; electrical, roofer, furnace installer etc.was very helpful. we would definitely refer Pete to friends and family.”

“Pete Doty was extremely helpful and continuously gave us tips throughout the process of purchasing our first home. We could not be more pleased!!! He was extremely knowledgeable.
Each person we dealt with throughout our home buying process was fantastic. Everyone was prompt and knowledgeable.
We were very nervous buying our first home and Pete and his staff made it easy. We have been bragging about Pete and everyone since we closed: )
We would recommend Pete to anyone because he was knowledgeable, caring and trustworthy. We knew he had our best interests at heart which was so important to us being that this was our first home-buying experience.”

“In need of a great broker? Give Pete Doty a call.
My father passed away and Pete was highly recommended by a family member from
Ohio who is also a broker. I needed to sell my Dads home in Colorado,but I live in
Ohio! Pete Doty,did all the work for me and called and emailed me with every step.
Pete even went by and checked on the house all the time,because I had no one there
to do so, even right after the flooding he was there to make sure the home was safe.
Thank goodness it was . I can tell you, if you need a person to trust in,I HIGHLY recommend you give Pete Doty a call to sell or buy a home@303-880-5585.”

“Pete was a top-tier professional from beginning to end. He took the time to understand our needs and found us the perfect home. His knowledge of the area and local market were a continual source of help to us as first-time home buyers. And his steady hand and patience were invaluable as we went through the process of negotiating the contract. I would whole-heartedly recommend Pete to my family and friends.”

“Pete was exceptional to work with. Moving to a new city and buying a house can be overwhelming, but Pete made the experience stress free and fun. He introduced me to the various neighborhoods in Denver and showed me houses that truly met what I was looking for. I can't thank Pete and his team enough for all of their help and will be recommending them to my family and friends when they are ready to buy/sell a house!”

“We met Pet at an open house. We were immediately struck by his honest and open approach to selling a house. We were further impressed by his knowledge of the market and experience. As we worked with him to sell our house we found him to be hard working and professional. He also helped us find and purchase a home. Again, his performance as a buyer's agent was great. I have dealt with many brokers over the years in my business. I would recommend Pete to anyway without reservation.”

“I found that Pete Doty is well informed about the Greater Denver Metro Area. His input resulted in a higher return on the home we moved from, and his effective negotiations were helpful when we purchased the home we moved to. I was particularly impressed with how much more effective and knowledgeable Pete was where compared to the realtor’s who represented the other parties in our home sale, and our home purchase.

I also found Pete’s recommendations helpful when seeking the other professionals who assisted in these transactions. He recommended a fine home finance company, and an excellent home inspector.”

“I truly enjoyed working with Pete. He communicated well, was very responsive & I enjoyed his sense of humor. Being a country farm girl (originally), I really liked his "home town" feeling & felt very comfortable working with his honesty & respect for all.”

“If you want a realtor who is truly an expert in not only the market, but also has a phenominal knowledge of the peculiarities and "watchouts" for different neighborhoods, then Pete Doty is your man. Being new to the area, Pete's council really saved us from making some choices that likely would have resulted in some unhappy and expensive surprises for our home purchase. I especially appreciated that Pete was always a minute-man when we found a new listing that we wanted to see right now, before it was gone. He never put us off for later.

Pete Doty is an entirely trustworthy individual--listen carefully to what he says (and subtly implies) and you won't go wrong. Only thing was, I often didn't understand Pete's humor!!”

“Pete Doty helped us attain the seemingly unattainable with patience, kindness and professionalism. He encouraged us throughout the process and made certain that all details were in line. We highly recommend Pete Doty & Company!”